“It was desperately needed. The market was discounting to an unsustainable level. It is too early to tell whether it has stuck,” he told Current.com.au.

Fisher & Paykel chief executive officer, Mike Church, told current.com.au that the company is facing the prospect of passing on price rises to its retailers following increasing prices of components.

"We are still receiving significant price increases from steel and compressor suppliers,” Church said.

“We were hoping that this would subside, but they have come back with increases which is disappointing and oil prices continue to maintain at a high level for everyone. We are reviewing our position constantly and there is a chance we may have to look at a price rise this year.

“The oil price flows into plastics as well. We use a lot of exotic plastic in our products and oil has an effect on those commodities as well.”

Electrolux Home Products managing director, Trevor Carroll, told Current.com.au earlier this month that the price of oil had been a major driving factor behind the company’s price increases, but insisted that only products which are affected by the cost of raw materials would be affected.

“There will probably be further price increases on products which reflect increases in the cost of materials, largely driven by oil prices, which affect plastics and the like,” Carroll said.